Oil gains on US-Iran tensions and falling crude stocks
Brent crude climbed to $92.11 a barrel following new U.S. military strikes against Iranian targets and reports of a 9.12 million barrel draw in domestic inventories. The escalation threatens a fragile ceasefire as Tehran continues to block shipping through the critical Strait of Hormuz waterway.
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Brent Crude Oil rose 0.7% to $92.11 on Wednesday following U.S. military strikes in Iran that reignited global supply concerns. Prices recovered from a seven-week low as market data showed a 9.12 million barrel drop in American crude inventories. The escalation threatens a fragile ceasefire between Washington and Tehran as physical markets continue to tighten.
